On March 31, 2014 Acadia Realty Trust (the "Trust"), and Acadia Realty Limited
Partnership (the "Partnership" and together with the Trust, the "Company")
entered into an amended and restated employment agreement (the "Employment
Agreement") with Kenneth F. Bernstein, extending Mr. Bernstein's position as
President and Chief Executive Officer for a minimumof three years, and which is
renewable for successive yearly periods. The Employment Agreement amends and
restates in its entirety Mr. Bernstein's existing employment agreement dated as
of October 3, 1998, which was amended by a First Amendment dated as of
January 1, 2001, a Second Amendment dated as of January 1, 2004, a Third
Amendment dated as of January 1, 2006, a Fourth Amendment dated January 19,
2007, a Fifth Amendment dated August 5, 2008, a Sixth Amendment dated March 7,
2011 and a Seventh Amendment dated as of April 19, 2011. A new feature of the
Employment Agreement is that Mr. Bernstein is now subject to a 15 month
post-termination non-compete and non-poaching provision if his employment
terminates under certain circumstances.

Under the terms of the Employment Agreement, Mr. Bernstein's base salary is
$568,500 and is subject to an annual review and adjustment by the Board of
Trustees, based on recommendations of the Compensation Committee. In connection
with the Employment Agreement, the Company will issue Mr. Bernstein an award of
full-value shares with a fair value of $3,000,000, subject to vesting in equal
installments over five years.

Pursuant to the Employment Agreement, each year during the term of Mr.
Bernstein's employment, the full Board of Trustees (excluding Mr. Bernstein), at
the Compensation Committee's recommendation, considers Mr. Bernstein for an
incentive bonus (to be determined by the Compensation Committee and recommended
for approval to the full Board of Trustees) and discretionary bonuses payable in
cash, restricted share units, options, restricted LTIP units, or any combination
thereof, as the Board of Trustees and the Compensation Committee may approve.
Mr. Bernstein is also entitled to participate in all benefit plans, health
insurance, disability, retirement and incentive compensation plans generally
available to the Company's executives.

The foregoing summary of the Employment Agreement does not purport to be
complete and is subject to, and qualified in its entirety by reference to, the
full text of such document, which is included as Exhibit 10.1 hereto, and is
incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Amended and Restated Employment Agreement dated March 31, 2014 between the
Company and Kenneth F. Bernstein.